News & analysis

Monumental. Historic. Chaotic. These are just a few adjectives that characterise the last month of trading in FX markets. Over the course of September, FX traders had to endure volatility that hasn’t been witnessed since the onset of the pandemic as the Federal Reserve upped the ante with its hawkish messaging, Asian central banks started to intervene to slow the depreciation of their currencies, and the latest UK budget resurrected the bond vigilantes. Although the dollar retreated towards the end of September, likely due to position trimming on month-end/ quarter-end, we think it maintains a firm structural basis to climb back to its September highs in Q4, however, intense cross-asset volatility may start to mask the underlying trajectory.

You can read our October 2022 FX Forecasts report here:



Simon Harvey, Head of FX Analysis
Jay Zhao-Murray, FX Market Analyst

María Marcos, FX Market Analyst


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